DDM Analysis: 688585.SS

Valuation Snapshot

Stable Growth	$1.37 - $1.95	$1.66
Multi-Stage	$2.11 - $2.32	$2.21
Blended Fair Value	$1.93
Current Price	$132.10
Upside	-98.54%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	6.94%	0.00%	0.06	0.02	0.00	0.08	0.00	0.04	0.09	0.18	0.21	0.00
YoY Growth	-	-	175.29%	811.66%	-96.96%	6,927.13%	-97.39%	-54.22%	-46.96%	-16.50%	0.00%	0.00%
Dividend Yield	-	-	0.80%	0.34%	0.03%	0.82%	0.01%	0.27%	0.58%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	84.18
(-) Cash Dividends Paid (M)	28.85
(=) Cash Retained (M)	55.33

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16.84	10.52	6.31
Cash Retained (M)	55.33	55.33	55.33
(-) Cash Required (M)	-16.84	-10.52	-6.31
(=) Excess Retained (M)	38.50	44.81	49.02
(/) Shares Outstanding (M)	403.36	403.36	403.36
(=) Excess Retained per Share	0.10	0.11	0.12
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	0.10	0.11	0.12
(=) Adjusted Dividend	0.17	0.18	0.19
WACC / Discount Rate	9.90%	9.90%	9.90%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1.37	$1.66	$1.95
Upside / Downside	-98.96%	-98.75%	-98.52%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	84.18	83.34	82.51	81.68	80.86	80.06	82.46
Payout Ratio	34.27%	45.42%	56.56%	67.71%	78.85%	90.00%	92.50%
Projected Dividends (M)	28.85	37.85	46.67	55.30	63.76	72.05	76.27

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.90%	9.90%	9.90%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	34.09	34.44	34.79
Year 2 PV (M)	37.86	38.63	39.42
Year 3 PV (M)	40.41	41.66	42.93
Year 4 PV (M)	41.96	43.70	45.50
Year 5 PV (M)	42.71	44.93	47.25
PV of Terminal Value (M)	654.77	688.86	724.36
Equity Value (M)	851.80	892.23	934.25
Shares Outstanding (M)	403.36	403.36	403.36
Fair Value	$2.11	$2.21	$2.32
Upside / Downside	-98.40%	-98.33%	-98.25%

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Swancor Advanced Materials Co., Ltd. (688585.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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